What is required for car installment payments?

[BraydenFitz]

Car installment payments require meeting certain conditions and providing relevant application documents: 1. Required conditions: (1) Possession of valid identification and full civil capacity. (2) Ability to provide proof of fixed and detailed address. (3) Stable employment and capability to repay the loan principal and interest on schedule. (4) Good personal social credit. (5) Holding a car purchase contract or agreement approved by the lender. (6) Other conditions stipulated by the cooperative institution. 2. Required application documents: (1) Original ID card, household registration booklet, or other valid residence documents, along with copies. (2) Proof of occupation and economic income. (3) Car purchase agreement, contract, or letter of intent signed with the dealer. (4) Other documents required by the cooperative institution.

[Gayle]

I'm an office worker who bought a family car on installment last year, and the whole process required quite a bit of paperwork. ID card and driver's license are must-haves for the bank to verify identity. For proof of income, you'll need pay stubs or an employment letter from your company to show stable monthly income. Credit history is crucial—get an online credit report, and a higher score makes approval easier. The down payment is usually 20% of the car price, but you can pay more upfront to reduce monthly payments. Remember to shop around with different lenders to compare interest rates and repayment terms—some apps are quick and easy but come with higher total interest. On the flip side, installments ease cash flow, but the total interest adds up to more than a lump-sum payment. I opted for a three-year term with monthly payments of 2,500, which felt right for me. Don’t skip the vehicle inspection to avoid a pile of issues after purchase. In short, preparing these in advance makes the application process much smoother.

[DelBrynlee]

As a recent graduate, I'm considering buying a commuter car on installment. I need to prepare personal documents including ID card and driver's license, and the bank also requires income proof such as monthly bank statements or employment contracts to demonstrate stable income. As a credit newbie with possibly no credit history, it's important to establish accounts and pay credit card bills on time. Preparing a 10% to 15% down payment can reduce monthly payment burdens; some platforms may require guarantors like parents to co-sign. Practical and durable car recommendations are advisable, such as used economical models with monthly payments around 500-600 yuan. Comparing different installment plans is crucial—consider the loan term and interest rates, and avoid being tempted by low monthly payments that result in paying more interest over time. The advantage is getting a car immediately, but ensure the budget doesn't affect rental expenses—planning carefully is key.

[JuniperDella]

Our couple is planning to buy a car on installment for picking up and dropping off our child. We need to bring both of our ID cards and household registration books, along with income proof such as salary certificates or bank statements, ensuring that the monthly payment does not exceed 30% of our family income. Good credit is often overlooked, so it's important to prepare a credit report for reference. Using savings for the down payment can help reduce the burden, with around 15% being a suitable amount. When choosing a car, consider low fuel consumption and calculate the total expenses including monthly payments and maintenance. The benefit of monthly payments is convenience, but be cautious of high-interest traps. It's advisable to consult bank friends for suggestions on suitable loan terms. Additionally, don’t forget to handle car insurance and annual inspections promptly to ensure safe driving.